This year’s Union Budget offers a vision to simplify tax compliance while also aligning with the government's goal of nurturing an educated and skilled workforce to enhance India's global competitiveness. The Union Budget 2025-26 marks a significant step towards simplifying India’s tax framework and promoting compliance. The proposal to raise the income tax exemption limit under the new regime to Rs 12 lakh will provide much-needed relief to middle-income earners, enabling them to invest more in their future.
The extended time frame to file updated returns from 2 years to 4 years is a welcome move that encourages voluntary compliance, empowering taxpayers to stay on top of their obligations. The proposals to exempt withdrawals under the National Savings Scheme (NSS) from tax and the reduction in TDS rates, along with enhanced limits for senior citizens and small taxpayers, bring a sense of fairness and inclusivity to the system.
The decision to remove TCS on remittances for education and adjust the Liberalized Remittance Scheme (LRS) threshold also reflects the government's commitment to fostering skill development and international collaboration. The extension of the startup incorporation period to 5 years speaks volumes about the support for innovation and entrepreneurship, which is crucial for India’s economic growth."
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